Respect the pamp!
As I slept overnight the market secretly plotted against me! My short positions were busted by the pump and the spot price was seemingly out in no-mans-land. The wedge trend is broken and it's quite unclear if a bearish or bullish trend will emerge.
This is something I was worried about when I was posting my shorts yesterday because often times we get that one last pump on the new moon before it all implodes into itself following the next two weeks. Is that what will happen this time? Who knows.
I'm still pretty convinced that the halving event is going to be at least something of a sell-the-news situation even if only for a couple days or weeks. Then again the whole Blackrock adoption of it all is a pretty huge wildcard especially when paired with an exponential trendline sitting at $100k+. The pump today gives me pause... but honestly I probably shouldn't let it. Just a bump in the road just like all April's tend to be when zoomed out on the macro timeline.
The breakout we are seeing here is the perfect troll.
Just high enough to look really bullish and just low enough to get punted back to reality at any time. The old February support lines seem to be doing their job to an extent... but who knows how long that will last. The lesser version is all the way down at $58k at this point but rapidly increasing over time.
I really thought we'd see $58k soon but clearly I'm having doubts.
Perhaps institutional adoption really will not allow such happenstances.
Still up a ton of money
Even though I woke up to losing like $2000 with my mega-short I'm still up a ton on my other bags. My hedge failed... but than again that is often what hedges do. You know what didn't fail? The massive LEO bag I've been stacking in preparation for the Maya listing.
This number was at $120k yesterday.
Keychain changed the UI a bit to reflect HiveEngine tokens on the estimated account value. Was a bit of a shock to be honest. My LEO bag is kind of ridiculous. I guess I'll need to sell some at a certain point for Hive/BTC.
In any case it's hard to complain about a busted short when I'm up five figures across all my other bags. This makes me think I should just open another short position. Even a gigantic $50k short wasn't even close enough to hedge how long I am across everything else. Not even close, at all. Maybe I'll make a smaller more responsible bet this time. We'll see.
Eclipse
The solar eclipse is happening in real time as I write this. I caught a little of it but then the clouds moved it before maximum coverage. In fact it seems like a lot of places were cloudy for this near once-in-a-lifetime event. These things happen. Get used to disappointment.
At the same time Maya DEX is also on the verge of v109 which incorporates Arbitrum into the ecosystem and allows the LEO listing to go live. Apparently Khal got a message right at the beginning of the eclipse that it should be going live very soon™. Hopefully the sun god does not smite our endeavors. Waiting not so patiently. Wen?
I drew this line weeks ago under the impression that trading above the line was bullish and below the line was bearish. Then we get this pump that's constantly oscillating above and below it... so troll. Psychic market vampire really knows how to push my buttons I tell ya hwat.
Conclusion
The eclipse has come and gone and there wasn't a rapture event in which all the chosen ones got sucked off to heaven. I guess the apocalypse is delayed. How disappointing once again. Too bad; better luck next time. I guess the world really will continue spinning on after all.
My short as a hedge seems to have completely failed, which apparently is a good thing because I'm up a ton of money. Perhaps I should just embrace my permabull nature once more and stop trying to read too much into these things. There are many wildcards in play across the board. Always be ready for chop. If there's one thing we can count on it's volatility.